How low will Indonesia’s falling rupiah go?

Indonesia’s psychological and economic guardrails officially cracked in mid-May when the rupiah plunged to 17,513 against the US dollar, the weakest level in the currency’s history. The decline has become a warning signal of the country’s macroeconomic framework, which is now trapped in what increasingly resembles a perfect storm. The currency’s roughly 5% year-to-date depreciation
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